Pebblebrook Hotel Trust (NYSE:PEB) Q3 2023 Earnings Conference Call October 27, 2023 9:00 AM ET
Company Participants
Raymond Martz - Co-President & Chief Financial Officer
Jon Bortz - Chairman & Chief Executive Officer
Tom Fisher - Co-President & Chief Investment Officer
Conference Call Participants
Dori Kesten - Wells Fargo
Bill Crow - Raymond James
Floris van Dijkum - Compass Point
Ari Klein - BMO Capital Markets
Smedes Rose - Citi
Duane Pfennigwerth - Evercore ISI
Anthony Powell - Barclays
Michael Bellisario - Baird
Gregory Miller - Truist Securities
Chris Darling - Green Street
Operator
Greetings and welcome to the Pebblebrook Hotel Trust Third Quarter Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Raymond Martz, Co-President and Chief Financial Officer. Thank you. You may begin.
Raymond Martz
Thanks, Donna, and good morning everyone. Welcome to our third quarter 2023 earnings call and webcast. Joining me today is Jon Bortz, our Chairman and Chief Executive Officer; and Tom Fisher, our Co-President and Chief Investment Officer.
But before we start, a reminder that today's comments are effective only today, October 27, 2023, and our comments may include forward-looking statements under federal securities laws. Actual results could differ materially from our comments. Please refer to our latest SEC filings for a detailed discussion of potential risk factors and our website for reconciliations of the non-GAAP financial measures referred to during our call.
Now let's turn our attention to our Q3 results. We are pleased to report that despite two negative weather events and continuing entertainment industry strikes in L.A. We were able to achieve same-property hotel EBITDA, adjusted EBITDA and adjusted FFO at the top end of our outlook due to a continued recovery in corporate group and transient demand across many of our urban markets, and solid cost controls and gradually moderating expense environment.
Washington, D.C. led the rebound with hotel occupancy surging an impressive 13.68% and RevPAR increasing 21.4% and this was closely followed by San Francisco, which climbed over 10 occupancy points, 72%, with RevPAR up 13.1%. In Los Angeles, our occupancy improved nearly 6 points to healthy 78%, with RevPAR growing 5%. Significantly, weekday occupancies at our urban hotels, a good bellwether, business travel demand, rose to a solid 75.4%, up from 72.3% in the prior year quarter and a meaningful recovery over last year.